Caterpillar (NYSE:CAT) Price Target Raised to $370.00 at Citigroup

Caterpillar (NYSE:CAT) had its target price lifted by Citigroup from $320.00 to $370.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price suggests a potential upside of 15.14% from the stock’s current price.

Other analysts have also issued research reports about the stock. StockNews.com lowered shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Robert W. Baird upgraded Caterpillar from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $300.00 to $309.00 in a research report on Thursday, May 1st. Truist Financial reaffirmed a “buy” rating and set a $396.00 target price (up from $389.00) on shares of Caterpillar in a research note on Thursday, May 1st. Raymond James raised Caterpillar from a “market perform” rating to an “outperform” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley upgraded shares of Caterpillar from an “underweight” rating to an “equal weight” rating and reduced their price objective for the company from $300.00 to $283.00 in a report on Wednesday, April 16th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Caterpillar presently has an average rating of “Moderate Buy” and an average price target of $370.67.

Caterpillar Stock Performance

NYSE CAT opened at $321.35 on Monday. Caterpillar has a 1-year low of $267.30 and a 1-year high of $418.50. The company has a market cap of $153.58 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.87 and a beta of 1.35. The stock’s 50 day simple moving average is $317.40 and its 200-day simple moving average is $356.53. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.42 and a quick ratio of 0.89.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.10). Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. The company had revenue of $14.25 billion during the quarter, compared to analysts’ expectations of $14.64 billion. During the same quarter last year, the company earned $5.60 earnings per share. Caterpillar’s revenue for the quarter was down 9.8% on a year-over-year basis. As a group, equities research analysts anticipate that Caterpillar will post 19.86 EPS for the current fiscal year.

Insider Activity

In other news, insider Jason Kaiser sold 2,425 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $354.70, for a total value of $860,147.50. Following the transaction, the insider now owns 6,275 shares of the company’s stock, valued at approximately $2,225,742.50. The trade was a 27.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Caterpillar

Large investors have recently modified their holdings of the business. Nordea Investment Management AB increased its holdings in Caterpillar by 1.6% in the fourth quarter. Nordea Investment Management AB now owns 635,750 shares of the industrial products company’s stock valued at $231,686,000 after buying an additional 10,212 shares in the last quarter. West Wealth Group LLC acquired a new position in Caterpillar during the fourth quarter worth about $230,000. Cadinha & Co. LLC acquired a new stake in shares of Caterpillar in the fourth quarter valued at approximately $11,084,000. Atomi Financial Group Inc. raised its position in shares of Caterpillar by 3.9% during the 4th quarter. Atomi Financial Group Inc. now owns 23,193 shares of the industrial products company’s stock worth $8,414,000 after purchasing an additional 871 shares during the last quarter. Finally, Proficio Capital Partners LLC lifted its stake in Caterpillar by 38.3% in the 4th quarter. Proficio Capital Partners LLC now owns 2,218 shares of the industrial products company’s stock valued at $805,000 after buying an additional 614 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Company Profile

Caterpillar Inc manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in worldwide. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, track-type tractors, excavators, telehandlers, motor graders, and pipelayers; compact track, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools.